Pre Home Loan Review is a significant precarious workout. You need to judge and choose the home advance supplier in view of a few pre-home advance communications. The issue is that you can’t make a difference with different home loan suppliers. For effortlessness reason, i will address home loan providers including HFC’s as Banks as it were. In my post, How i am in charge of my low CIBIL Score i imparted in the event that you apply to different banks then it will affect your CIBIL Score. With this unique circumstance, Pre Home Loan Review turns out to be more basic.
When i benefited home loan, i did this practice of Pre Home Loan Review with main 5 banks i.e. HDFC Ltd, SBI, LICHFL, ICICI Bank and Axis Bank. In this post, i will share my experience rather Pre Home Loan Review of main 5. I will keep it short, sweet and fresh. I will share the Pros and Cons of every home loan supplier in view of my own experience alongside a little short on same. Let me likewise clear up that each borrower has an alternate involvement with home loan suppliers. It likewise relies on upon the branch, worker, DSA, city and so forth. The Pre Home Loan Review shared by me depends on my own experience and it is not all-inclusive. A portion of the focuses are general in nature and does not differ from branch to branch. For instance, a home loan from HDFC is from HDFC Ltd not from HDFC Bank.
Leading Banks Pre Home Loan Review – HDFC, ICICI, SBI and AXIS Bank
I am sorry today however from the non-verbal communication of staff it appears that SBI is just not quick to process home loans. It is noticeable from their approach towards the client. Being a PSU bank, it’s an additional work loan for the bank representatives. I called their Home Loan Manager of MG Road Branch in Bangalore through reference yet he never sent any points of interest in spite of various calling. As the trust variable is high and my dad was demanding profiting home loan from SBI. I gathered a rundown of archives required by the bank from my companion and went by Marathalli Branch. The Loan Manager of the branch was astonished to see the total arrangement of reports in the main visit itself.
The loan supervisor shared swarm no of a Lawyer who is on a board of SBI for lawful confirmation of property. Her office was in Malleshwaram (It is around 20 km from Marathalli). I called Lawyer and settled an arrangement for the following day and i took a day away from work’s from office and went to her office. Subsequent to contacting her office, she told that she is occupied today and i ought to come following day. Following day again i took off from office and went by then she told that she is amidst some demon case dialog. She instructed me to come following day. Now, i chose that nothing more will be tolerated and i dropped a thought of a profiting loan from SBI else i would have been hunting down another occupation alongside home loan supplier. My most noticeably bad pre-home loan collaboration was with SBI. In spite of every one of these bothers, borrowers still favor SBI Home Loan. I shared the reasons in my devoted post, Why do borrowers favor SBI Home Loan?
Advantages of SBI Home Loan:
1. Public Trust as it is a PSU Bank.
2. Offer one of the most reduced financing costs because of the accessibility of modest assets. At the end of the day, you will dependably discover SBI home loan financing costs least expensive among all.
There are no other noticeable points of interest
Disadvantages of SBI Home Loan:
1. The greatest impediment is you have to do a ton of circles. Benefiting a loan from SBI is an extremely excruciating errand. You ought to have a great deal of extra time.
2. The loan sum is affirmed on the enrollment esteem. As I would see it, the immediate aftermath is that borrower can’t save money on stamp obligation and enlistment charges. Consequently, the borrower needs to enlist on aggregate thought esteem.
3. Loads of pointless documentation.
4. Loan Account can be worked just from Home Branch.
5. Lack of Professional Approach.
6. I get max questions on unique property records lost by SBI.
The greatest confusion among all Home Loan borrowers is that Home Loan from HDFC is from HDFC Bank. Give me a chance to clear up, HDFC Bank Ltd and HDFC Ltd are 2 distinctive money related establishments. They have independently recorded organizations on the stock trade. They can be considered as sister concerns yet there is no immediate association all things considered. HDFC Bank is administered by RBI and HDFC Ltd is Housing Finance Corporation represented NHB (National Housing Bank). At long last, i profited from HDFC Home Loan and has shared my nitty gritty involvement in my post, Home Loan Experience with HDFC Ltd. In this post, i am simply posting down advantages and disadvantages in light of my pre-home loan cooperation with HDFC.
Advantages of HDFC Home Loans:
1. Oldest Home Loan Lender in India with experience of over 30 years
2. Dedicated Network of Branches for Home Loan Servicing crosswise over India
3. In-house board of Lawyers for Legal Verification
4. Online Access of Home Loan Account
5. Offer most minimal loan fees at standard with SBI and ICICI Bank
Disadvantages of HDFC Home Loans:
1. Very Poor Service by DSA and Branch.
2. Hidden Charges for Loan Processing like 0.1% of loan sum as stamp obligation for MODT. I didn’t know about same at the season of pre-home loan connection. It enlivened me to compose a post, 15 Home Loan Hidden Charges.
3. Call Center is useful in vain in light of the fact that specialists don’t know anything about Loan Account. They will basically allude you to the Branch Manager from where the loan is handled.
4. DSA’s don’t engage you subsequent to gathering Processing charges check and No one gets the telephone in the Branch. The workers won’t share swarm no. Amid my physical nearness in the branch, the landline was ceaselessly ringing yet nobody was getting. Basically, you arrive in a dead zone subsequent to paying preparing expenses.
5. Very Rude and not all that Friendly Staff
6. Very unbending in Loan Disbursement
7. No reaction to mail inquiries or grievances
ICICI is battling with recognition issue that they demand superfluous charges and Home Loan is costliest among all the home loan suppliers. Furthermore, relatively few individuals know that ICICI Home loan is handled from ICICI Bank and ICICI HFC independently. On numerous events, the borrowers were under the impression of a benefiting loan from ICICI Bank. Actually, it was from ICICI HFC. Despite the fact that the staff was proactive yet were not ready to answer the questions amid pre-home loan connection.
Advantages of ICICI Home Loans:
1. Dedicated Team and branches for Home Loan Servicing
2. Largest Branch Network
Disadvantages of ICICI Home Loans:
1. Negative People Perception and awful verbal exchange
2. The staff does not have legitimate data on Loan Products
3. Focus more on Higher Loan Amounts
My pre-home loan association approved of ICICI Bank.
I drew closer their Call focus and somebody called me following 7 days. The pre-home loan association finished rashly. Still, i considered investigating this alternative before settling. DSA guaranteed me that he will send subtle elements through the mail yet i have not got any mail till date. After that, i drew closer Home Lone work area at Marathalli Branch and official was not ready to answer even essential inquiries on Home Loan. The second dampener of pre-home loan communication. She took my versatile no. and guaranteed me that her manager will call to clear up every one of the questions. Following few days, i got a call from her supervisor and again he was dumbfounded by the majority of the inquiries. The same day somebody called from their fundamental office in Bangalore and he was additionally not ready to answer my questions. In light of my pre-home loan cooperation, i chose to drop Axis Bank from the rundown.
Advantages of AXIS Bank Home Loans:
(a) Lowest Processing Fees of just Rs 5000
(b) Recently they propelled devoted loan focuses in select focuses. When i benefited home loan it was handled through bank office as it were.
Disadvantages of AXIS Bank Home Loans:
(a) The staff does not have legitimate data on Loan Products
(b) No devoted set up for Home Loan
(c) Interest rates on the somewhat higher side thought about SBI, ICICI Bank, and HDFC Ltd.